On 16 June 2015, Chile fully approved the implementation of the new bill for the creation of a new institutional framework for the promotion and attraction of foreign direct investment (FDI). The framework institutionalizes a process in which the established Committee of Ministers advises the President of the Republic on policy design. Furthermore, the process also involves the Foreign Investment Promotion Agency (in line with OECD standards) to be charged with policy implementation.Chilean officialsstate that this measure is part of the government's Productivity, Innovation and Growth Agenda, and will allow the country to focus on attracting foreign investment in those areas or sectors that are strategic for Chile.